by cws611 » Sat May 09, 2009 09:08 pm
Hello, I'm an Independent Agent and I started my own Agency in early 2009. After I get some more experience under my belt I would like to hire agents. I would like to know how difficult is it hiring and managing agents and what is the best way to compensate them? For example(Would you give them a salary initially then commission or just give them 60% commission for the duration of their employment?)
Posted: Sat May 09, 2009 10:55 pm Post Subject:
Hi,
I was once working like you are and I thought that by giving the agents only salary would suffice them. However they ended up by doing almost no work. Then I decided to give them only commission but again they were not able to do something.
Finally I did a combination of fixed salary with incentives but advised them that the salary would be given only after a certain number of sales. So I ended up with a good profit as well.
Posted: Sun May 10, 2009 12:27 am Post Subject:
Thanks for the reply. I'd like to know how did you establish what the salary would be and what did you select for the commission split?
Posted: Tue May 12, 2009 02:46 am Post Subject: Independent Agent Hiring Agents
Negotiation is a part of everybody's job. I had to strike a hard bargain and some of the agents I hired were paid better than the others. However, I made sure that they all didn't come across each other.
If I gave some high salary then I gave low commission and vice -versa
Posted: Tue May 12, 2009 03:51 am Post Subject:
Hi there a combination of both salary and incentives work the best.. Apart from that monthly perks, rewards, vouchers, help motivate them more..
Posted: Tue May 12, 2009 10:24 am Post Subject:
Hi Cws, Please check the replies of the members on the following thread that you have started on the same topic.
http://www.ampminsure.org/insuranceagents/hiring-managing.html#51346
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